The fine print of a regulatory-reform proposal that would set up a $50 billion rescue fund for Wall Street firms shows taxpayers will be on the hook for financing it, Peter J. Wallison, a senior fellow at the American Enterprise Institute, writes in a Wall Street Journal commentary. Democrats are emphasizing that Wall Street firms will pay into the fund, but they have not emphasized that payments into the fund will be tax-deductible business expenses. "Thus, even on the face of it, taxpayers will not completely escape the tax costs that are associated with this fund," Mr. Wallison wrote.

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